Hongming Electronics IPO raises 2.1 billion yuan, surges 84.7% on the first day, with a three-year dividend of 280 million yuan

China Economic Net, Beijing, March 25—Today, Chengdu Hongming Electronics Co., Ltd. (stock short name: Hongming Electronics, stock code: 301682.SZ) was listed on the ChiNext board of the Shenzhen Stock Exchange.

The stock opened at 140.14 yuan and, by the close, was 128.65 yuan, up 84.68%. Trading value was 2,663 million yuan, price swing was 24.40%, turnover rate was 76.59%, and total market capitalization was 2.12B yuan.

Hongming Electronics mainly engages in the research, development, production, and sales of new electronic components dominated by resistor–capacitor (RC) components. The company is committed to providing customers with high-performance, high-reliability electronic component products. At the same time, the company is also involved in precision sub-components business. Its products are mainly used in consumer electronics fields such as tablet computers and laptop computers, as well as in areas such as new-energy batteries and automotive electronic structural components.

As of the date of signing of the prospectus, the controlling shareholder of the company is Chuanrong Xinchan, and the actual controller is the Sichuan Provincial State-owned Assets Supervision and Administration Commission. Prior to this issuance, Chuanrong Xinchan held 51,508,415 shares of the company, accounting for 56.50% of the company’s shares, making it the controlling shareholder. After this issuance, Chuanrong Xinchan holds 51,508,415 shares of the company, accounting for 42.38% of the company’s shares, making it the controlling shareholder.

The company’s actual controller is the Sichuan Provincial State-owned Assets Supervision and Administration Commission. The Sichuan Provincial State-owned Assets Supervision and Administration Commission holds 50.054% equity interest in Sichuan Energy Development Group. In addition, the Sichuan Provincial State-owned Assets Supervision and Administration Commission holds 90% equity interest in Sichuan Development, and Sichuan Development holds 45.333% equity interest in Sichuan Energy Development Group. The Sichuan Provincial State-owned Assets Supervision and Administration Commission directly or indirectly controls 95.387% equity interest in Sichuan Energy Development Group.

On December 12, 2025, Hongming Electronics passed the initial public offering review. The main issues raised at the on-site inquiry meeting of the Shenzhen Stock Exchange Listing Review Committee for 2025 (No. 29):

Please have the representative of the issuer, in light of the industry competitive landscape and changes in demand in downstream markets, the trends in the changes in the prices and sales volumes of major products, the status of orders in hand and their execution, as well as the scale of R&D investment expected after the relevant period, explain the stability of future operating performance. Please have the representative of the sponsor issue a clear opinion.

Matters requiring further follow-up:

None.

The number of shares to be issued by Hongming Electronics in this offering is 30,387,340 shares (representing 25.00% of the total share capital after the offering). All shares offered are new shares, with no sale of any old shares. The offering price is 69.66 yuan per share. The company’s sponsor in this offering is Shenwan Hongyuan Securities Co., Ltd. (Securities underwriting and sponsorship). The sponsor representatives are Long Jiali and Huang Xuesheng.

In this offering, Hongming Electronics plans to raise total proceeds of 2.04B yuan. After deducting actual issuance expenses excluding value-added tax, the net proceeds are 86.92M yuan, which is 8,692.29 million yuan more than the original plan.

The prospectus disclosed by Hongming Electronics on March 20, 2026 shows that the company plans to raise 3.15B yuan, to be used for the “Industrialization Construction Project for High-Energy-Storage Pulse Capacitors,” the “Production Project for New Electronic Components and Integrated Circuits (Phase I/Phase II),” the “Precision Sub-components Capacity Enhancement Project,” the “R&D Project for Key Technologies of High-Reliability Resistor–Capacitor Components,” the “R&D Project for Key Technologies of Electronic Materials and Electronic Components,” the “R&D Project for 3C Precision Sub-components, New-Energy Batteries and Automotive Electronic Structural Components,” the “Digital Capability Enhancement Project,” and “Supplementing Working Capital.”

From 2022 to the first half of 2025 (Jan–Jun), Hongming Electronics’ operating revenue was 2.73B yuan, 2.49B yuan, 1.53B yuan, and 690.1M yuan, respectively; net profit was 597.99M yuan, 385.9M yuan, 369.68M yuan, and 475.52M yuan, respectively; net profit attributable to shareholders of the parent company was 411.67M yuan, 268.24M yuan, 256.77M yuan, and 468.43M yuan, respectively; and net profit attributable to owners of the parent company after deducting non-recurring gains and losses was 387.98M yuan, 251.91M yuan, 248.64M yuan, and 2.83B yuan, respectively.

In the same period, the cash received for sales of goods and the provision of services was 2.98B yuan, 2.67B yuan, 1.32B yuan, and 280.05M yuan, respectively; and the net cash flow from operating activities was 740.65M yuan, 553.09M yuan, 192.94M yuan, and 106.91M yuan, respectively.

From 2022 to 2024, Hongming Electronics’ cash dividends were 100.28M yuan, 72.93M yuan, and 280.12M yuan, respectively, totaling 2.62B yuan.

For the full year of 2025, Hongming Electronics’ operating revenue was 460.54M yuan, net profit was 318.72M yuan, net profit attributable to shareholders of the parent company was 311.15M yuan, and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 821M yuan.

Hongming Electronics expects that in the first quarter of 2026, operating revenue will be between 845M yuan and 203.94M yuan, representing a year-on-year increase of 0.22% to 3.15%; net profit will be between 210.16M yuan and 139.54M yuan, representing a year-on-year increase of 0.72% to 3.79%; net profit attributable to shareholders of the parent company will be between 143.86M yuan and 14,386 million yuan, representing a year-on-year increase of 0.95% to 4.07%; and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be between 137.5M yuan and 141.82M yuan, representing a year-on-year increase of 0.51% to 3.67%.

(责任编辑：关婧)

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